Stellar Lumens price long-term trend: Bullish

From a long-term perspective, XLM has been revealed as resuming a positive move. Starting from the February rise-up which led the formation of the candles in the yellow channel, XLM climbed to $0.14 in early April before descending in another blue channel, with the XLM market running a retracement to the $0.09 area.

At $0.09, XLM saw a reversal leading to a bullish breakout yesterday. The breakout can be seen on the daily RSI, which has risen above the 50 levels. Meanwhile, the recent surge in volatility occurred as a result of the huge trading volume.

This could be traced to the drop in Bitcoin’s market dominance, which is currently at 57.9% after climbing as high as 60.2% in the last three days.

The next key resistance levels for the XLM bulls lie at $0.134, $0.15 and $0.16. In the opposite move, a sharp drop may find support at the $0.11, $0.1 and $0.09 levels. As revealed on the daily Stochastic RSI, XLM is overbought. A short move may play out soon.

Stellar Lumens price medium-term trend: Bullish

Looking at the medium-term chart, XLM has followed a bullish move after breaking out of a descending channel. The medium-term bearish correction was exhausted at the $0.0855 level before leading the bulls to the current price level of $0.12.

The bullish move may possible rally to $0.13 resistance and above.

Before moving upward, the XLM market may pull back to the $0.11 support level before a bounce upwards materializes. If the market breaks below the likely pull back level, the price of XLM could fall to the break level of $0.1.

Considering the 4-hour RSI, the token was revealed above the 70 level as the trend resumes momentum in the positive zone. The 50 levels of the RSI is now acting as a support for the market. Additionally, the 4-hour Stochastic RSI is reflected at the overbought territory, suggesting an exhausted buying pressure. For this reason, a price drop may be expected soon.

Stellar Lumens price short-term trend: Bullish

For the past six days, XLM has been maintaining an upward movement as the 9th largest cryptocurrency on the market trades within an ascending channel. With the current market structure, we may say that the XLM market has reversed on a short-term perspective. Also, the bulls are steadily gaining control of the market.

Today, the price broke up the ascending channel, circled in blue on the chart. Is this a false breakout? The next few hours of trading will provide an answer to this question. However, the next key resistance level is likely to lie at $0.125 and above.

In a contrasting direction, the hourly Stochastic RSI is suggesting a short move, now preparing for a drop. Potential support for XLM may be located at $0.11 level. More so, the hourly RSI is revealed below the 70 levels. If the price moves further upward, the RSI may test the overbought area.